The law firm of Brower Piven, A Professional Corporation, has commenced an investigation into possible breaches of fiduciary duty to current shareholders of Novellus Systems, Inc. (“Novellus”) (NasdaqGS: NVLS) and other violations of state law by the board of directors of Novellus relating to the proposed acquisition of the company by Lam Research Corp. (“Lam”). The firm’s investigation seeks to determine, among other things, whether the board breached their fiduciary duties by failing to maximize shareholder value.
On December 14, 2011, Lam announced that it had entered into a definitive agreement to acquire Novellus for 1.125 shares of Lam common stock for each share of Novellus common stock or approximately $44.42 based on Novellus’s closing stock price on December 14
, the day the transaction was announced. This transaction represents an enterprise value of approximately $3.3 billion.
If you currently own shares of Novellus and would like to learn more about the investigation being conducted by Brower Piven, you may email or call Brower Piven, who will, without obligation or cost to you, attempt to answer your questions. You may contact Brower Piven by email at
, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and other class action cases of over 60 years.